The Foreign Exchange Professionals Association (FXPA) extended its round of introductory meetings with regulators, central banks and legislators around the world with a set of meetings earlier this month in the UK.
FXPA held meetings with members of the UK’s Financial Conduct Authority (FCA), the Bank of England, the Prudential Regulatory Authority, as well as peer FX trade associations during which FXPA members provided an overview of the organization and its work, which included a recent comment letter submitted to the Securities and Exchange Commission (SEC) calling for an FX exemption of proposed funds’ use of derivatives rules.
The Global Code of Conduct was top of mind amongst all of those that FXPA met with, with conversations focused on the level of detail expected in the final document, definitions around terms such as “market participant”, as well as distinctions between agency and principal roles. Discussions also took place around such conduct questions as handling stop-loss orders and markup transparency, as well as last look practices.
Next on the agenda for FXPA is an event on May 23 which features a presentation on the Global Code ahead of its May 25 release by CLS CEO David Puth, who chairs the Market Participants Group established to work with the Bank for International Settlements (BIS) Foreign Exchange Working Group (FXWG) in strengthening code of conduct standards and principles in foreign exchange markets. Following the presentation will be a panel discussion looking at “After the Trade: Does the Current Support Infrastructure Need to Change?”
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